China to consolidate, boost domestic strategic resources bases – state media

Published: Mar 12, 2023, 13:06 UTC•1min read

BEIJING (Reuters) – China will consolidate and add to its domestic strategic resources bases this year to achieve a rapid buildup in mineral resources, natural resources minister Wang Guanghua said on Sunday, according to state media.

Pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong

“We will launch a new round of strategic action for mineral prospecting,” Wang told reporters on the sidelines of the annual parliamentary meeting.

“The focus is to strengthen domestic exploration and development around scarce and strategically important mineral resources,” he said.

China will also promote the “nationalization” of high-tech mineral equipment to avoid being caught in any stranglehold regarding technology and equipment, he said.

Chinese authorities in 2021 rolled out a five-year action plan to increase exploration for strategic mineral resources such as oil, natural gas, copper, chromium, tungsten, rare earths and crystalline graphite, to ensure the security of the country’s resources and energy.

The Ministry of Natural Resources will roll out follow-up measures to attract social capital into mineral exploration and development, Wang said.

(Reporting by Beijing Newsroom; Editing by William Mallard and Hugh Lawson)

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China plans to make greater efforts in consolidating and boosting its domestic strategic resources bases to secure its energy supply, a state media reported.

According to reports from China’s official news agency Xinhua, the development plan is part of the country’s efforts to ensure a reliable and stable supply of energy, which is absolutely vital for the country’s economic growth and social development. It was also revealed that Beijing will strengthen efforts to securely control its vital geological resources by controlling the extraction and use of strategic resources, such as oil, natural gas and rare earths.

The plan aims to modernize its energy sector in setting up a comprehensive and well-developed base for the energy industry, which includes more diversifying natural gas reserves, setting up efficient production systems employing advanced technologies and ensuring stringent safety regulations.

To ensure a sustainable and efficient delivery of energy supplies, local governments are also encouraged to actively tap into potential sources of renewable energy and generate power from innovative sources such as waste-to-energy and distributed technologies.

The plan is expected to effectively reduce China’s dependence on imported resources and increase its overall energy efficiency. It is also anticipated to provide major boosts to the country’s local economy and promote the overall development of the energy industry in the country.

In conclusion, China’s development plan for consolidating and strengthening its domestic strategic resources bases is likely to yield long-term economic and energy security benefits for the country. It is expected to be a major step forward in providing energy security and boosting economic growth.